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Investment Approach

The Sophus Emerging Markets strategy seeks to provide long-term growth of capital by investing primarily in equity securities of emerging market companies across all market caps.

Philosophy and Process

Sophus Capital believes that equity markets reward earnings growth during most market environments. The strategy’s investment team employs both fundamental analysis and quantitative screening in seeking to identify companies that the investment team believes can sustain above-average earnings growth relative to their peers. Fundamental, bottom-up research focuses on companies that rank highly within the investment team’s quantitative screen, with particular emphasis placed on a company’s earnings growth, business strategy, value creation, competitive position, management quality, market position, and political and economic backdrop. The investment team monitors market and sovereign risk as part of the overall investment process.

Mike_Reynal

Michael Reynal is chief investment officer of Sophus Capital and a portfolio manager of the Victory Sophus Emerging Markets Fund, Victory Sophus Emerging Markets Small Cap Fund and Victory Sophus China Fund. The RS Investments Emerging Markets team was renamed Sophus Capital in July 2016 when RS Investments was acquired by Victory Capital. Sophus Capital is a Victory Capital investment franchise.

Michael began his investment career in 1991, managing equity investments in Latin America, the Mediterranean, the Balkans, and other regions. Most recently, he was a portfolio manager for Principal Global Investors, where he led the emerging markets team. He also oversaw both diversified emerging markets portfolios and specialized regional Asian equity strategies. 

Michael holds a B.A. from Middlebury College, an M.A. from Christ's College at University of Cambridge, and an M.B.A. from Amos Tuck School at Dartmouth College.

 

Michael Ade

Michael Ade is a portfolio manager of the Victory Sophus Emerging Markets Fund, Victory Sophus Emerging Markets Small Cap Fund, Victory Sophus China Fund and a member of the Sophus Capital Emerging Markets team. The RS Investments Emerging Markets team was renamed Sophus Capital in July 2016 when RS Investments was acquired by Victory Capital. Sophus Capital is a Victory Capital investment franchise.

He began his investment career in 2001 and most recently was a co-portfolio manager for diversified emerging markets and Asian equity strategies at Principal Global Investors before joining Sophus Capital.

Michael earned a B.A. from University of Wisconsin and is a CFA charterholder.

 

Antonio_Alvarez

Antonio Alvarez is an analyst on the Sophus Capital Emerging Markets team. The RS Investments Emerging Markets team was renamed Sophus Capital in July 2016 when RS Investments was acquired by Victory Capital. Sophus Capital is a Victory Capital investment franchise.

He began his investment career in 2006 and was a research analyst for Principal Global Investors and a project manager at Oxford Analytica before joining Sophus Capital. 

Antonio received a B.A. in economics from ITAM, Mexico, and an M.A. in economics from the University of Oxford. Additionally, he is a CFA charterholder.

 

Tammy_Belshaw

Tammy Belshaw is head of emerging markets research and a member of the Sophus Capital Emerging Markets team. The RS Investments Emerging Markets team was renamed Sophus Capital in July 2016 when RS Investments was acquired by Victory Capital. Sophus Capital is a Victory Capital investment franchise.

Tammy began her investment career in 1996 and worked as a research analyst, investment consultant, and emerging markets team member at three firms, most recently Principal Global Investors, before joining Sophus Capital. 

Tammy earned an M.A. from Cambridge University and is a CFA charterholder.

 

Rex_Chen

Rex Chen is an analyst on the Sophus Capital Emerging Markets team. The RS Investments Emerging Markets team was renamed Sophus Capital in July 2016 when RS Investments was acquired by Victory Capital. Sophus Capital is a Victory Capital investment franchise.

Rex began his investment career in 2006 and worked as a risk management consultant for Deloitte and as a quantitative research associate at Principal Global Investors before coming to Sophus Capital.

Rex received a B.A. in business information technology from Coventry University, an M.Sc. in information technology from University of Warwick, and an M.B.A. from Duke University.

 

Zoe_Chow

Zoe Chow is an analyst on the Sophus Capital Emerging Markets team. The RS Investments Emerging Markets team was renamed Sophus Capital in July 2016 when RS Investments was acquired by Victory Capital. Sophus Capital is a Victory Capital investment franchise.

Zoe began her investment career in 2006 and worked as a member of an emerging markets team at Principal Global Investors where she coordinated quantitative analysis and portfolio analytics for diversified emerging markets and Asian equity portfolios before joining Sophus Capital. 

Zoe received a B.A. in finance from Singapore Management University. Additionally, she is a CFA Level 3 candidate.

 

Tony_Chu

Tony Chu is a portfolio manager of the Victory Sophus China Fund and a member of the Sophus Capital Emerging Markets team. The RS Investments Emerging Markets team was renamed Sophus Capital in July 2016 when RS Investments was acquired by Victory Capital. Sophus Capital is a Victory Capital investment franchise.

Tony began his investment career in 2002 and worked as an equities research analyst and associate portfolio manager at Principal Global Investors and INVESCO Hong Kong before joining RS Investments. 

Tony earned a B.A. from the University of Queensland and an M.A. from the University of New South Wales. Additionally, he is a CFA charterholder.

 

Daniel_DoVale

Daniel Do Vale is an analyst on the Sophus Capital Emerging Markets Team. The RS Investments Emerging Markets team was renamed Sophus Capital in July 2016 when RS Investments was acquired by Victory Capital. Sophus Capital is a Victory Capital investment franchise.

Daniel began his investment career in 2007 and worked as an investment analyst at Principal Global Investors before moving to Sophus Capital in 2012. 

Daniel holds a B.S. in electrical engineering from the Federal University of Santa Catarina in Brazil and an M.B.A. from Duke University. Additionally, he is a CFA charterholder.

 

Maria_Freund

Maria Freund is a portfolio manager of the Victory Sophus Emerging Markets Small Cap Fund and a member of the Sophus Emerging Markets team. The RS Investments Emerging Markets team was renamed Sophus Capital in July 2016 when RS Investments was acquired by Victory Capital. Sophus Capital is a Victory Capital investment franchise.

Maria began her investment career in 2003 and worked as an analyst at Principal Global Investors before joining Sophus Capital in 2012. 

Maria received a B.A. from Loras College in finance and international business and an M.B.A. from the Tippie College of Business at University of Iowa. Additionally, she is a CFA charterholder.

 

Roy_Law

Roy Law is an analyst on the Sophus Capital Emerging Markets team. The RS Investments Emerging Markets team was renamed Sophus Capital in July 2016 when RS Investments was acquired by Victory Capital. Sophus Capital is a Victory Capital investment franchise.

Roy began his investment career in 2006 and worked as a research analyst for Principal Global Investors responsible for conducting research and analysis on China and Hong Kong companies before joining Sophus Capital. 

Roy holds a B.A. in electronics and communication engineering from University of Hong Kong. Additionally, he is a CFA charterholder.

 

Investment Approach

The Sophus Emerging Markets strategy seeks to provide long-term growth of capital by investing primarily in equity securities of emerging market companies across all market caps.

Philosophy and Process

Sophus Capital believes that equity markets reward earnings growth during most market environments. The strategy’s investment team employs both fundamental analysis and quantitative screening in seeking to identify companies that the investment team believes can sustain above-average earnings growth relative to their peers. Fundamental, bottom-up research focuses on companies that rank highly within the investment team’s quantitative screen, with particular emphasis placed on a company’s earnings growth, business strategy, value creation, competitive position, management quality, market position, and political and economic backdrop. The investment team monitors market and sovereign risk as part of the overall investment process.

Michael Ade, CFA

Portfolio Manager

Michael Ade is a portfolio manager of the Victory Sophus Emerging Markets Fund, Victory Sophus Emerging Markets Small Cap Fund, Victory Sophus China Fund and a member of the Sophus Capital Emerging Markets team. The RS Investments Emerging Markets team was renamed Sophus Capital in July 2016 when RS Investments was acquired by Victory Capital. Sophus Capital is a Victory Capital investment franchise.

He began his investment career in 2001 and most recently was a co-portfolio manager for diversified emerging markets and Asian equity strategies at Principal Global Investors before joining Sophus Capital.

Michael earned a B.A. from University of Wisconsin and is a CFA charterholder.

 

Antonio Alvarez, CFA

Analyst

Antonio Alvarez is an analyst on the Sophus Capital Emerging Markets team. The RS Investments Emerging Markets team was renamed Sophus Capital in July 2016 when RS Investments was acquired by Victory Capital. Sophus Capital is a Victory Capital investment franchise.

He began his investment career in 2006 and was a research analyst for Principal Global Investors and a project manager at Oxford Analytica before joining Sophus Capital. 

Antonio received a B.A. in economics from ITAM, Mexico, and an M.A. in economics from the University of Oxford. Additionally, he is a CFA charterholder.

 

Tammy Belshaw, CFA

Head of Emerging Markets Research

Tammy Belshaw is head of emerging markets research and a member of the Sophus Capital Emerging Markets team. The RS Investments Emerging Markets team was renamed Sophus Capital in July 2016 when RS Investments was acquired by Victory Capital. Sophus Capital is a Victory Capital investment franchise.

Tammy began her investment career in 1996 and worked as a research analyst, investment consultant, and emerging markets team member at three firms, most recently Principal Global Investors, before joining Sophus Capital. 

Tammy earned an M.A. from Cambridge University and is a CFA charterholder.

 

Rex Chen, CFA

Analyst

Rex Chen is an analyst on the Sophus Capital Emerging Markets team. The RS Investments Emerging Markets team was renamed Sophus Capital in July 2016 when RS Investments was acquired by Victory Capital. Sophus Capital is a Victory Capital investment franchise.

Rex began his investment career in 2006 and worked as a risk management consultant for Deloitte and as a quantitative research associate at Principal Global Investors before coming to Sophus Capital.

Rex received a B.A. in business information technology from Coventry University, an M.Sc. in information technology from University of Warwick, and an M.B.A. from Duke University.

 

Zoe Chow

Analyst

Zoe Chow is an analyst on the Sophus Capital Emerging Markets team. The RS Investments Emerging Markets team was renamed Sophus Capital in July 2016 when RS Investments was acquired by Victory Capital. Sophus Capital is a Victory Capital investment franchise.

Zoe began her investment career in 2006 and worked as a member of an emerging markets team at Principal Global Investors where she coordinated quantitative analysis and portfolio analytics for diversified emerging markets and Asian equity portfolios before joining Sophus Capital. 

Zoe received a B.A. in finance from Singapore Management University. Additionally, she is a CFA Level 3 candidate.

 

Tony Chu, CFA

Portfolio Manager

Tony Chu is a portfolio manager of the Victory Sophus China Fund and a member of the Sophus Capital Emerging Markets team. The RS Investments Emerging Markets team was renamed Sophus Capital in July 2016 when RS Investments was acquired by Victory Capital. Sophus Capital is a Victory Capital investment franchise.

Tony began his investment career in 2002 and worked as an equities research analyst and associate portfolio manager at Principal Global Investors and INVESCO Hong Kong before joining RS Investments. 

Tony earned a B.A. from the University of Queensland and an M.A. from the University of New South Wales. Additionally, he is a CFA charterholder.

 

Daniel Do Vale, CFA

Analyst

Daniel Do Vale is an analyst on the Sophus Capital Emerging Markets Team. The RS Investments Emerging Markets team was renamed Sophus Capital in July 2016 when RS Investments was acquired by Victory Capital. Sophus Capital is a Victory Capital investment franchise.

Daniel began his investment career in 2007 and worked as an investment analyst at Principal Global Investors before moving to Sophus Capital in 2012. 

Daniel holds a B.S. in electrical engineering from the Federal University of Santa Catarina in Brazil and an M.B.A. from Duke University. Additionally, he is a CFA charterholder.

 

Maria Freund, CFA

Portfolio Manager

Maria Freund is a portfolio manager of the Victory Sophus Emerging Markets Small Cap Fund and a member of the Sophus Emerging Markets team. The RS Investments Emerging Markets team was renamed Sophus Capital in July 2016 when RS Investments was acquired by Victory Capital. Sophus Capital is a Victory Capital investment franchise.

Maria began her investment career in 2003 and worked as an analyst at Principal Global Investors before joining Sophus Capital in 2012. 

Maria received a B.A. from Loras College in finance and international business and an M.B.A. from the Tippie College of Business at University of Iowa. Additionally, she is a CFA charterholder.

 

Roy Law, CFA

Analyst

Roy Law is an analyst on the Sophus Capital Emerging Markets team. The RS Investments Emerging Markets team was renamed Sophus Capital in July 2016 when RS Investments was acquired by Victory Capital. Sophus Capital is a Victory Capital investment franchise.

Roy began his investment career in 2006 and worked as a research analyst for Principal Global Investors responsible for conducting research and analysis on China and Hong Kong companies before joining Sophus Capital. 

Roy holds a B.A. in electronics and communication engineering from University of Hong Kong. Additionally, he is a CFA charterholder.